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Judge in court roomThe U.S. District Court for the Southern District of Mississippi has become the latest battleground in a legal fight against the CFPB. This legal showdown involves America’s Credit Unions and bankers associations against the CFPB’s final rule on overdraft services.
On Thursday, the CFPB’s final rule on overdraft fees was announced. The rule reforms overdraft fee options for credit unions and banks with assets more than $10 billion. Those financial institutions, according to the final rule, can choose to charge $5 overdraft fee, charge a fee that covers no more than the cost or losses of an overdraft transaction, or charge a fee while disclosing the interest rate of the loan.
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